Ferro Acquisition Creates New Vibrantz Technologies
Prince International Corporation recently announced that it has combined with technology-based functional coatings and color solutions supplier Ferro Corporation and global colorant system, chemical and pigment dispersion supplier Chromaflo Technologies Corporation to become Vibrantz Technologies Inc. The new, renamed company is a result of Prince’s acquisition of Ferro, which closed earlier this month.
“I want to thank our employees who have worked so hard to get to this momentous occasion,” said D. Michael Wilson, President and Chief Executive Officer at Vibrantz Technologies. “By combining Prince, Ferro and Chromaflo – all leaders in their own right – we have leading positions in highly attractive markets.
“We will be a company with strong material science and technology expertise to drive faster innovation, and our greater scale broadens our global footprint, enhancing our customer reach and giving us greater operational resilience. We have pulled leadership talent from all three companies to form a highly qualified management team.”
Vibrantz will be headquartered in Houston and is expected to be a global, diversified technology leader in advanced materials, color solutions and performance coatings with sales of approximately $2 billion. The company reports that it employs about 5,400 people and operates 63 manufacturing sites across six continents.
By combining Prince, Ferro and Chromaflo, we have become Vibrantz Technologies Inc. Our purpose is to bring color, performance and vibrancy to life in countless products across an array of end markets. Watch us grow. Click here to read our press release: https://t.co/1G2i8AffcV pic.twitter.com/HdmJ9Fa3XX
— Vibrantz Technologies Inc. (@VibrantzTech) April 22, 2022
According to the release, Vibrantz will operate in three business segments:
“Today, we also launch and celebrate the Vibrantz Technologies brand and logo,” said Wilson. “The new name speaks to who we are – to our energy and boldness – and what we do, which is innovating to bring color, performance and vibrancy to life in countless products across a broad array of end markets, and the design of our logo reflects the global nature of our company.”
Wilson added that the company remains committed to ensuring customers continue to receive excellent performance in quality products and services and to making its integration process as seamless to customers as possible.
The company acquired all of the outstanding common stock of Ferro for $22 per share in cash in a transaction valued at approximately $2.1 billion, without interest and less any applicable withholding taxes. Ferro’s common stock will also reportedly cease trading on the NYSE.
Prince, a portfolio company of American Securities LLC, announced the acquisition plans last year, with the terms of the agreement being unanimously approved by the Ferro Corporation Board of Directors.
“This transaction creates significant value for our shareholders. Ferro has successfully executed a five-phase transformation strategy that has resulted in creating a global leader in functional coatings and color solutions focused on high-growth markets,” said Peter Thomas, Chairman, President and CEO of Ferro at the time. “Our products are used in critical industries such as healthcare, automotive, electronics, aerospace and construction, while being aligned with key global megatrends such as IoT, 5G and sustainability.
“The steps we have taken to develop a cohesive technology-driven portfolio and enhance our market leadership positions with long-standing, market-leading customers and deliver sustainable growth have made Ferro an attractive investment. Ferro’s transformation culminated in the transaction with Prince, which we believe represents compelling value for our shareholders, as well as a great opportunity for our employees.
“We are pleased to be able to partner with a market leader like Prince to grow our businesses on a truly global scale.”
